Mr. Jean-Louis Servranckx reports

AECON ANNOUNCES UPCOMING DEPARTURE OF ITS CHIEF FINANCIAL OFFICER IN EARLY 2024

Aecon Group Inc. executive vice-president and chief financial officer David Smales, who has decided to pursue another leadership opportunity, will depart. Mr. Smales will resign from his role, effective Jan. 26, 2024, and is committed to working with Aecon Group's management team to ensure a smooth transition. Aecon Group is considering all alternatives for his replacement.

Mr. Smales joined Aecon Group as executive vice-president and chief financial officer in November, 2009, and has been a guiding force on Aecon Group's leadership team. He built a strong multidisciplinary team with oversight spanning all corporate and operational finance activities, including investor relations, capital market activities, information services, procurement, insurance, sustainability and communications.

"David's significant contributions to Aecon during his 14-year tenure have been critical to the company's success," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "David was instrumental as Aecon navigated through a transformative year in 2023 with three strategic transactions that increased focus on long-term growth sectors, established partnerships with value-creating partners for Aecon Utilities and the Bermuda International Airport, and significantly strengthened Aecon's balance sheet. These transactions were completed in conjunction with the substantial progress made on four legacy projects nearing completion, including significant cash-flow-enhancing settlements on each project that will continue to have a positive impact in the years to come."

"On behalf of Aecon's board of directors, we are extraordinarily grateful for David's deep commitment and leadership, and are confident the team he has built will see continued success," said John M. Beck, chairman, board of directors, Aecon Group. "We wish David the utmost success in his next role."

"It has been a privilege to work alongside John, Jean-Louis and my fellow Aecon employees, many of whom have become dear friends. I am extraordinarily proud of all we have collectively accomplished," said Mr. Smales. "To say the least, this wasn't an easy decision, but it is the right time to embark on this next step in my career, and I have every confidence that the team will continue to flourish as Aecon focuses on the tremendous opportunities ahead linked to decarbonization and the energy transition."

About Aecon Group Inc.

Aecon Group (Toronto Stock Exchange: ARE) is a national Canadian construction and infrastructure development company with global experience. Aecon Group delivers integrated solutions to private and public sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment and management services through its concessions segment.

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